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Innovation and trade vital to continue Australia’s record economic growth

21 March 2018

The reforms needed to build a more resilient and flexible economy, which is on track to achieve 27 years of continuous economic growth, have been put in place according to the first edition of Industry Insights — Flexibility and Growth released today.

Industry Insights is a new publication by the Office of the Chief Economist in the Department of Industry, Innovation and Science.

The report shows we have managed transitions in our economy well by undertaking economic reform, and we can continue to do so in the future.

The report includes new analysis on economic growth at a regional level and examines the structural transition in the Australian economy from goods-producing industries to more high-value, knowledge-intensive industries.

The Government brought the key Employment (now Jobs and Small Business) and Innovation, Industry and Science portfolios together to ensure we adapt and capitalise on this shift.

Australia is doing well. Last year the Australian economy delivered the best year for jobs growth ever. This January marked 16 months—the longest ever consecutive run—of jobs growth. The report also notes that last financial year nearly 60 per cent of all industries employed more people.

To continue this growth the report recommends we further integrate into the global economy, focus on innovation, lower the cost of trade, increase productivity and improve our international competitiveness.

Minister for Jobs and Innovation, Senator Michaelia Cash said the Turnbull Government’s commitment to signing free trade agreements, encouraging investment in innovation and lowering costs for small and medium businesses so they can invest and create more jobs is keeping our economy strong.

“From negotiating the TPP, when our opponents said it couldn’t be done, to leading the world in securing an exemption from US steel tariffs - everything we do is designed to create more and better paid jobs for Australians.”

Future editions of Industry Insights to be released in coming months will examine Australia’s changing position in the global economy and how Australia can capitalise on new technologies to improve productivity into the future.

Industry Insights 1/2018 — Flexibility and growth is available online at www.industry.gov.au/industryinsights

Media contact: Minister Cash's office 02 6277 7320